Starting a business, you always tend to think big and quite frankly you should. Without a vision where you want to be in 5 or maybe ten years, you lack the wind in your sails to push you forward with purpose. At the same time, there is a large amount of imagination injected into the image of what you eventually want to be. Competing with the big boys in your industry, being a leading figure in the economy of the country you set up in, and generally being a big player around the globe. However, many entrepreneurs and small business owners do get a sense that they are swimming against the tide. This is both a good thing and disheartening because it’s true. Because of your size, you will be better placed and possess the ability to react to market shifts quicker than your larger competition. Yet, you don’t have the resources to compete on a massive scale thus limiting your capabilities. Every small business owner makes a cheeky grin at the thought of a large corporation executive sweating because they now have to compete with a small business because they have a better product or service that he or she does. It’s very possible indeed to start punching above your weight.
Innovation begins with toe dipping
The thing about large companies is, they lack finesse in how they interact with the market. With the advent of social media, businesses around the world are being scrutinized by the average joe for lack of consumer insight or desires in their products and services. Another downfall of being a colossal business is that you can grow a tendency to keep your head in the sand and just power through with whatever it is you want to do. This may be partly to beat a competitor, or it might be the simple but deadly case of willfully locking yourself inside an echo chamber. However as a small business, you don’t have this problem to worry about.
Cast your net of outreach far and wide. Use whatever methods you can possible to collect and collate as much information about consumer needs and wants in your particular field. It bodes well if you already have a product or service that you have released. Using this as a basis, you can then dip your toes into the feedback you’re getting to shape what you offer. Your research and development department or team should be heavily involved in discussing the feedback you have collected. Therefore you can see what is and isn’t possible with the latest practices, technology and engineering standards. Striking off what can’t be done will leave you with your best options and thus leave you with the decision to move forward and innovate in a specific direction.
Importing and basing
The world has morphed into a large gaggle of competing economies. What were once countries mired in poverty and ailing economies are rapidly becoming modernized. Emerging economies like Brazil and India are just one of the examples. For a competitive economy, importing is just as important as exporting. Small businesses are no longer plagued by the image of small and ineffective. In fact quite the opposite, any business can now be taken seriously at the ports and docks. Just as the large companies do, you too should take advantage of importing what you need to build your business further. It’s sometimes the better option than buying domestically as your money might go a lot further when buying from lesser nations.
What can put people off this route are the huge logistical challenges that present themselves with regards to transporting and storing. Businesses that specialize in handling these difficulties, like Freo Group, for example, are the friend of small business. Use the quote function and see what kind of price range you’re in for the type of haulage you need. This business also provides material handling services that adhere to approved procedures. If you’re dealing with anything sensitive such as chemicals and or composites that are potentially dangerous, this service is a great way to handle them ethically. With the coordination of the warehouse in which your imported items are stored, your business can form a relationship of trust and reliability in service and accessibility.
Beat them to the punch
In the world of business and trade, there are certain unwritten rules and cultural aspects that will be new to a small business owner. No matter how far technology has come with regards to social media and online conferencing, meeting face to face is a matter of trust and respect. Getting on a plane and hopping overseas to access and really breakthrough into a new consumer well should be taken seriously. Meeting and connecting with other small businesses in your industry and forging contracts with these businesses is vital to accelerated growth. Trading with other businesses overseas via a direct route is a substantial ingredient to the prosperity of your business. You surely have plans to become a giant one day, and so does another business on the other side of the earth. Therefore, helping each other succeed and tapping into multiple economies not only provides you with more trade but soft power expansion. You could become a recognized name before a large company multinational has that honor if you play your cards right.
Wanting the power and influence of large multinational corporations is normal when starting up your own business. You must balance these wishes with wanting to grow with the need to compete. Growth will automatically happen to a business that prides itself on punching above its own weight. This means you must turn your envy into a lust to blow the competition away. Creating ties with businesses overseas can be done online but much better when deals are done face to face. Innovation is the fuel that powers the most modern and dominant economies in the world. No more so is this possible when you’re small and adaptable. So listen to your customers and implement their wishes to overtake large lumbering companies that find it difficult to adapt. Importing is a very real dream, and with certain businesses that can offer you their services in this area, you should be taking full advantage of cheaper products from abroad.